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Do you have retirement plans from previous jobs floating around somewhere? If you're like most people, you may have left them there simply because you weren't quite sure what to do with them. We received a question from someone wondering if she should roll them into her current employer's plan, roll them into an IRA, or just leave them where they are. Here are some things to consider:

Which plan has the best investment options?

The whole point of these plans is to invest for retirement so what you'll actually be investing in is kind of important. One of the advantages of an IRA is that it can offer you the most number of options since you can open one at practically any financial institution. You can also have a broker or financial adviser help manage it. However, you may have access to lower cost versions of mutual funds or even unique investment opportunities in your employer plan that may not be available in an IRA.

Will you really be able to manage multiple accounts?

Unless your money is all invested in "set it and forget it" asset allocation funds (such as balanced or target date funds), you'll at least need to rebalance your portfolio periodically. This would be much easier if your retirement funds were all in one place.

Do you want to use some of the funds for educational expenses or a home purchase?

You can withdraw the money penalty-free from an IRA for these reasons but not from a 401(k).

Would you like to be able to borrow from the account?

Your employer's plan may allow you to take loans, which are not allowed from IRAs and generally not from previous employer plans.

Are you planning to retire between 55 and 59 1/2?

If you're at least age 55 when you leave your employer, you can start make withdrawals of any amount for any reason right away without penalty. With IRAs and most other retirement plans, you'll have to wait until age 59 1/2.

Are you just sick of trying to keep track of all those different statements?